Davis Polk & Wardwell has made up its first London partner in five years with the promotion of corporate lawyer Reuven Young, in a further nod towards the investment the Wall Street firm is making in its City presence. Continue reading “Davis Polk promotes first City partner in five years”
SRA votes to cut minimum PII cover from £2m to £500k despite fears over damage to legal brand
The Solicitors Regulation Authority (SRA) has voted to cut the minimum compulsory cover for professional indemnity insurance (PII) from £2m to £500,000 despite strong opposition from the Law Society and the City of London Law Society (CLLS) to the speed of change and lack of consultation with insurers. Continue reading “SRA votes to cut minimum PII cover from £2m to £500k despite fears over damage to legal brand”
Further Edwards Wildman City fallout as CMS set to take on corporate partner
The fallout from the embattled City office of US firm Edwards Wildman continues as it emerges that corporate partners Eero Rautalahti and Stuart Blythe have resigned, with Blythe set to join CMS Cameron McKenna. It was not known at the time of going to press where Rautalahti is headed. Continue reading “Further Edwards Wildman City fallout as CMS set to take on corporate partner”
Guest post: public access to the Bar – more sideshow than shifting paradigms
Recent headlines seem to suggest that the Bar is gearing up to ‘bypass’ solicitors and embark upon an all-out war with for business in these increasingly competitive times.
Continue reading “Guest post: public access to the Bar – more sideshow than shifting paradigms”
Financial results 2013/14: Herbert Smith Freehills’ first full financial results post merger show revenue of £800m and £741k PEP
Herbert Smith Freehills’ (HSF’s) first full financial results post merger has seen it unveil revenues of £800m and profit per equity partner (PEP) of £741,000 for 2013/14.
The firm’s net income stood at £232m. Continue reading “Financial results 2013/14: Herbert Smith Freehills’ first full financial results post merger show revenue of £800m and £741k PEP”
In-house: Groupon’s latest offer is a new GC
Chicago-headquartered online deals company Groupon has appointed Dane Drobny as its new general counsel (GC).
Continue reading “In-house: Groupon’s latest offer is a new GC”
Double exit for Osborne Clarke as telecoms chief leaves for Reed Smith and technology head to Fieldfisher
Top 40 firm Osborne Clarke has suffered the double exit of telecoms head Angus Finnegan to Reed Smith and technology head Mark Webber to Fieldfisher.
Finnegan joins Reed Smith’s media and technology (MT) practice in London, becoming the group’s thirteenth partner in the capital. Continue reading “Double exit for Osborne Clarke as telecoms chief leaves for Reed Smith and technology head to Fieldfisher”
Financial results 2013/14: Clifford Chance unveils highest-ever results as turnover up to £1.36bn and PEP £1.14m
Clifford Chance (CC) has drawn a line under last year’s disappointing financials, unveiling its highest-ever financial results, with revenue up 7% to £1.36bn while profit per equity partner (PEP) leapt by 16% to £1.14m. Continue reading “Financial results 2013/14: Clifford Chance unveils highest-ever results as turnover up to £1.36bn and PEP £1.14m”
Brown Rudnick hires Speechly’s European IP head into equivalent City role
Brown Rudnick has hired technology and intellectual property (IP) head Alex Carter-Silk from Speechly Bircham to lead its European IP practice in London. Continue reading “Brown Rudnick hires Speechly’s European IP head into equivalent City role”
Guest post: Law schools kickstart the greed process – the damage of using money to motivate lawyers
One of the interesting sub-plots of the Big Law vs New Law debate is the way in which workers (partners and their equivalents, salaried partners, employees) are motivated.
Herbert Smith Freehills boosts US investigations with hire of former assistant attorney and SEC chief John O’Donnell
Herbert Smith Freehills’ (HSF’s) Manhattan office has capitalised on the US revolving door with the hire of John O’Donnell, a former assistant US attorney and branch chief in the Securities and Exchange Commission’s enforcement unit, who joins to boost the top 10 UK firm’s New York investigations division. Continue reading “Herbert Smith Freehills boosts US investigations with hire of former assistant attorney and SEC chief John O’Donnell”
Management overhaul at Travers Smith with appointment of four new department heads
Travers Smith has overhauled the management of its private equity, financial services & markets, real estate, and banking and corporate recovery departments as longstanding partners Phil Sanderson, Margaret Chamberlain, Julian Bass and Jeremy Walsh step down. Continue reading “Management overhaul at Travers Smith with appointment of four new department heads”
Barclays cuts legal roster by 30% in global panel review as American firms find success
Barclays has turned to a raft of US firms, including Skadden, Arps, Slate, Meagher & Flom and Latham & Watkins, for its preferred legal advisers as its latest panel review sees the banking group cut its legal roster by around 30% and move to a streamlined two-tier system of ‘preferred’ and ‘approved’ firms. Continue reading “Barclays cuts legal roster by 30% in global panel review as American firms find success”
Financial results 2013/14: Nabarro posts static revenues while PEP jumps 10.5%
Top-30 LB100 firm Nabarro is the latest to unveil its 2013/14 financials, with annual turnover broadly flat at £116.7m, a rise of 0.3%, while profit per equity partner (PEP) is expected to rise 10.5% to £475,000, constituting a double digit increase for the second successive year.
Continue reading “Financial results 2013/14: Nabarro posts static revenues while PEP jumps 10.5%”
Olswang’s head of real estate finance quits for Dechert
Olswang’s head of real estate finance Eleni Skordaki has quit the firm after nearly ten years to join Dechert’s City finance and real estate group.
Skordaki specialises in advising banks in real estate financings and restructurings. Continue reading “Olswang’s head of real estate finance quits for Dechert”
Financial results 2013/14: A&O’s PEP up by 7% to £1.12m as turnover rises 2% to £1.23bn
The second of the Magic Circle firms to disclose its 2013/14 financial results, Allen & Overy (A&O) has reported an increase in profit per equity partner (PEP) of 7% to £1.12m from £1.05m, with global revenues up by a more conservative 2% to £1.23bn. Continue reading “Financial results 2013/14: A&O’s PEP up by 7% to £1.12m as turnover rises 2% to £1.23bn”
GC Power List – Summer Reception 2014
The GC Power List Summer Reception was held on the evening of 11 June, with RPC as lead sponsor. The event comprised a relaxed debate chaired by veteran City columnist Anthony Hilton followed by an evening of food and drink at the renowned private members’ club at The Ivy. The debate included senior lawyers sharing their experiences from companies including Land Securities, ITV, Royal Bank of Scotland, Shire and Vodafone.
Norton Rose Fulbright hires CMS Cameron McKenna DCM partner
Norton Rose Fulbright (NRF) has hired CMS Cameron McKenna banking and finance partner Nigel Dickinson to its debt capital markets team. Continue reading “Norton Rose Fulbright hires CMS Cameron McKenna DCM partner”
Law Society asks Met Police to investigate Wonga for fake solicitor letters
The Law Society has asked the Metropolitan Police to investigate Wonga after it emerged that the UK’s biggest payday lender had sent letters to customers in arrears from non-existent law firms, threatening legal action. Continue reading “Law Society asks Met Police to investigate Wonga for fake solicitor letters”
Squire Patton Boggs brings in former Dundas partner to head UK real estate litigation team
Squire Patton Boggs has made its first UK partner hire since the May announcement that Squire Sanders would unite with Patton Boggs, recruiting former Dundas & Wilson partner Andrew Walker to head its burgeoning UK real estate litigation team. Continue reading “Squire Patton Boggs brings in former Dundas partner to head UK real estate litigation team”